Comment period extended by SEC

WASHINGTON, DC: IR pros who have yet to weigh in on the SEC’s proposed rule changes on selective disclosure now have a bit more time. The commission extended the comment period last week to run through April 28.

WASHINGTON, DC: IR pros who have yet to weigh in on the SEC’s proposed rule changes on selective disclosure now have a bit more time. The commission extended the comment period last week to run through April 28.

WASHINGTON, DC: IR pros who have yet to weigh in on the SEC’s

proposed rule changes on selective disclosure now have a bit more time.

The commission extended the comment period last week to run through

April 28.



Spokesman John Heine said the commission extended the comment period in

order to ’afford the public additional time to have their say.’ He would

not confirm, however, that the change was prompted in part by a February

joint request by the Securities Industry Association and the American

Bar Association’s Committee on Federal Regulation of Securities to

extend the comment period.



Once the period is closed, SEC staffers will collect the feedback and

take it to the commission. The commission will then adopt the rule,

amend it before submitting it for further comment or withdraw it. ’How

long this entire process will take is anybody’s guess,’ Heine said.



The issue of selective disclosure has been in the spotlight since last

year, when SEC chairman Arthur Levitt pressed for changes. In the end,

the commission voted unanimously to solicit public comment on the

proposed rule, which requires public companies to disclose significant

information publicly, rather than limiting initial access.



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